Long Island City, NY Branch

Empire is proud to announce our new branch in Long Island City. Citi Bank and the rest of the local residents are excited about the upcoming Amazon move and the development that’s on the way for the neighborhood. Here at Empire, we are getting geared to help serve local businesses boom that’s moving into the area with our award winning tax preparation, bookkeeping and payroll solutions.

How Your LIC Taxes Are Affected By Charitable Donations

Taxes are complicated, and can often be confusing – knowing the kinds of items that are tax-deductible or tax-exempt is to your advantage because it can be otherwise quite puzzling. There are some items that are understandable and straightforward, like bagels. Uncut bagels are tax exempt; altered, or sliced bagels have an added 8-cent tax on them because they are considered a prepared food for consumption on the premises. Charitable donations, on the other hand, are not so clear.

Donation Restrictions:

Although nothing should really prevent you from issuing a charitable donation, it’s advantageous to know that there are restrictions on charitable donation deductions on your taxes such as:

There are restrictions on donating vehicles, as only the veritable price can be deducted from the charity.

Donations cannot be deducted if a gift was received as compensation for the donation.

Restrictions are applicable when the donation comprises a significant amount of your income. If your contribution is greater than 50 percent of your AGI, for example, a portion is carried over to the ensuing year.

It’s not only important to understand the ins and outs of restrictions, but it’s also important to hire a trusted accounting firm to make sure your donations have been properly registered. Contact as today for Tax Preparation & Accounting services in NYC.